Monitor Q1 2026 results for margin recovery and cash flow improvement. The $34.1M rights offering provides liquidity for capacity expansion, but elevated copper prices and geopolitical supply disruptions (Middle East) present ongoing margin risk. Watch for further developments on the unresolved Shanghai property sale and Khoon Engineering receivable recovery.
Price Chart
Executive Summary
APWC filed its FY2025 20-F reporting 3.6% revenue growth to $489.7M, but operating profit plunged 36% to $6.4M and operating cash flow turned sharply negative at -$7.8M versus +$24.3M a year ago. Net income attributable to shareholders rose 5.3% to $3.7M aided by a lower tax provision, while the company completed a $34.1M rights offering in February 2026 that increased controlling shareholder PEWC's stake to ~84%. The filing flags material headwinds from Middle East conflict-driven raw material cost spikes, copper volatility, and U.S. tariff uncertainty.
Key Facts
- Revenue of $489.7M (+3.6% YoY), operating profit of $6.4M (-36.3% YoY)
- Operating cash flow turned deeply negative to -$7.8M from +$24.3M in FY2024
- EPS of $0.18 vs $0.17 in FY2024, net income attributable to shareholders $3.67M
- Rights offering completed Feb 2026 raised ~$34.1M, increasing PEWC ownership to 84%
- Average LME copper price rose 8.7% to $9,939/ton in 2025; Feb 2026 average hit $12,966/ton
- Middle East conflict disrupting aluminum and petroleum supply chains; crude oil surged $73 to $103/bbl in early 2026
- Inventory increased 19.5% to $151.5M; working capital pressure drove negative operating cash flow
Financial Impact
Operating profit fell $3.6M YoY; operating cash flow swung -$32.1M; net income to shareholders was flat but tax-driven
Risk Factors
- Raw material cost inflation from Middle East conflict (aluminum, petroleum-based PVC/PE)
- Further copper price volatility compressing fixed-price contract margins
- Dilution from rights offering (84% controlling stake reduces public float)
- Geopolitical/tariff uncertainty from U.S. trade policy changes
- Concentration of revenue from one ROW customer (17% of sales)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001628280-26-028187 |
| Exhibit: exhibit212025.htm | 0001628280-26-028187 |
| Exhibit: exhibit9722025.htm | 0001628280-26-028187 |
| Exhibit: exhibit9712025.htm | 0001628280-26-028187 |
| Exhibit: exhibit12_12025.htm | 0001628280-26-028187 |
| Exhibit: exhibit12_22025.htm | 0001628280-26-028187 |
| Exhibit: exhibit13_22025.htm | 0001628280-26-028187 |
| Exhibit: exhibit13_12025.htm | 0001628280-26-028187 |
| Document: 0001628280-26-028187-index-headers.html | 0001628280-26-028187 |
| Document: 0001628280-26-028187-index.html | 0001628280-26-028187 |
| Document: 0001628280-26-028187.txt | 0001628280-26-028187 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | 6-K | $1.36 $1.29 | ▼ −5.15% | ▼ −7.87% | $1.21 (−11.03%) |
Sep 14, 2026 6w ago | Press Release | $1.36 $1.29 | ▼ −5.15% | ▼ −7.87% | $1.21 (−11.03%) |
Aug 14, 2026 10w ago | 6-K | $1.52 $1.31 | ▼ −13.82% | ▼ −11.82% | $1.21 (−20.39%) |
Aug 14, 2026 10w ago | Press Release | $1.52 $1.31 | ▲ +13.82% | ▲ +11.82% | $1.21 (+20.39%) |
May 14, 2026 23w ago | 6-K | $1.42 $1.37 | ▼ −3.52% | ▼ −2.66% | $1.21 (−14.79%) |
May 14, 2026 23w ago | Press Release | $1.42 $1.37 | ▼ −3.52% | ▼ −2.66% | $1.21 (−14.79%) |
May 1, 2026 25w ago | 6-K | $1.53 $1.45 | ▼ −5.36% | ▼ −10.64% | $1.21 (−20.92%) |
Apr 29, 2026 25w ago | 20-F | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.21 (−22.93%) |
Apr 29, 2026 25w ago | 6-K | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.21 (−22.93%) |
Apr 29, 2026 25w ago | Press Release | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.21 (−22.93%) |
US Market Status
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